Binance Coin Analysis: BNB Price Action Projects Bearish Momentum

Binance Coin Downtrend Begins
  • Binance coin price is at $225.64, which is down by 5.48% in the last 24-hour timeframe and 0.20% down from the previous week
  • BNB/BTC pair is negative with 2.61% in Friday’s trading session (0.004692)
  • BNB performed with negative momentum on Friday’s trading session
Source: TradingView

Binance Coin had bullish momentum on the weekly chart, and it went up to $342.88 on February 19, 2021, while breaking above the resistance zones created in the past. Whereas BNB price set a mark of an all-time high. The BNB/ETH pair is neutral with a value of (0.1512) which is down by 0.92% in Friday’s trading session. 

BNB Price Action Chart Indicates a Bearish Momentum

Source: BNB/USD on TradingView

The technical chart of Binance Coin highlights a positive trend. In contrast, BNB price is $225.64. According to pivot points, the critical support level for BNB is placed at $196.40. Whereas if it moves up the key resistance levels to observe is $258.29. While diving into the weekly chart of a 4-hour time-frame, it completes a dragonfly doji candlestick pattern.

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SMA-50 & 100, price is at $237.11 & $217.44, which acts as another strong support in the coin. SMA- 50 (purple) had a negative crossover over SMA- 100 (white) which projects a downtrend. The price breached both the SMA’s, investors can observe this as a red flag for the asset.

The RSI indicator (BEARISH) with a value of 42.60 indicates a sell signal in the coin. One can observe a decrease in value in future trading sessions.

Conclusion

BNB price is down by 5.48% on Friday’s trading session. The price is below both the SMA. Investors can expect the movement of price until the support level of 196.40. SMA and technical indicators recommend a sell signal in the coin. 

Resistance: $258.29

Support: $196.40

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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